Requirements

1.Using T-accounts, open the listed accounts and insert the unadjusted June 30 balances.

2.Journalize and post the June 30 adjusting entries to the accounts that you opened. Identify each adjusting entry by letter.

3.Prepare the current liabilities section of the balance sheet at June 30, 2018.

P11-26A

Requirements

1.Compute White's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar.

2.Compute Valuepoint's total 2018 payroll expense for White.

3.Make the journal entry to record Valuepoint's expense for White's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required.

4.Make the journal entry to record the accrual of Valuepoint's payroll tax expense for White's total earnings.

5.Make the journal entry for the payment of the payroll withholdings and taxes.

P11-27A

Journalize the transactions in Plymouth's general journal. Explanations are not required. Round to the nearest dollar.

P11-31B

Requirements

1.Compute Wallace's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar.

2.Compute Moonwalk's total 2018 payroll expense for Wallace.

3.Make the journal entry to record Moonwalk's expense for Wallace's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required.

4.Make the journal entry to record the accrual of Moonwalk's payroll tax expense for Wallace's total earnings.

5.Make the journal entry for the payment of the payroll withholdings and taxes.

P11-34B

Requirements

1.Fill in the missing information for Vermont's year ended July 31, 2018, income statement. Round to the nearest dollar

2.Compute the times-interest-earned ratio for the company. Round to two decimals.